Tinkoff is acquiring an additional 35% stake in online payments solutions developer CloudPayments.
This takes Tinkoff’s stake in CloudPayments to 90%. Tinkoff originally acquired a 55% stake in CloudPayments in October 2017.
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According to Tinkoff, the deal ensures further synergies in terms of business growth. CloudPayments will strengthen its tech platform and expand its range of internet acquiring opportunities for the Tinkoff Business ecosystem.
Oliver Hughes, CEO of Tinkoff, comments: “Since we first acquired a 55% stake in 2017, CloudPayments has demonstrated solid results. It has delivered consistent growth ahead of the market, fully living up to our expectations.
“The new deal is a logical and planned step forward to boost our cooperation. We value the CloudPayments brand and its unique team, which will continue working on company expansion.
“We are positive that closer ties will drive dynamic and steady growth in both companies.”
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By GlobalDataCloudPayments will remain a separate brand. Tinkoff says that the agreement does not entail any significant personnel or operational changes.
Dmitry Spiridonov, CEO and co-founder, CloudPayments adds: “We highly appreciate our cooperation with Tinkoff. The Tinkoff team has been very helpful in sharing their expertise and contributing to process optimisation.
Tinkoff: Q1 2019 net profit +25%
Tinkoff’s first quarter net profit is up 25% year-on-year to RUB7.2bn. Total assets increase by 8.9% to RUB408.9bn from the prior quarter. Tinkoff’s total loans rise by 21% to RUB241bn. For fiscal 2019, Tinkoff forecasts a net increase in its loan portfolio of more than 40%. Its forecast full year net profit is in excess of RUB35bn.
By customer numbers, Tinkoff remains the world’s largest digital bank. Says Hughes: “Our main debit card Tinkoff Black continues to attract customers. In the first quarter of 2019 their number increased by 600,000 new users.
“A steady influx of customers keeps the cost of funding at a record low.”
In the first quarter of 2019, Tinkoff issued one million new credit cards.
With a market share of almost 12%, Tinkoff ranks second by market share in the Russia credit cards sector.
In April, Oliver Hughes was recognised by RBI as Retail Banker of the Year.
Tinkoff launches Tinkoff Travel
Tinkoff is rolling out its own-brand online travel agency. The travel offshoot will offer air and railway tickets as well as packaged tours, hotel bookings and car rental.
Tinkoff Travel travel platform users will be able to save on service fees and earn cashback.
Moreover, Tinkoff travel users will simultaneously earn miles using their Tinkoff cards and airline miles via their bonus programmes.
